Oracle is buttressing its cloud construction project solution.
The Redwood Shores, Calif., software giant said Sunday it is spending $1.2 billion to acquire Aconex Limited, an Australian maker of cloud-based construction management software. Oracle will pay $7.80 in cash for each Aconex share.
The acquisition of Aconex, which offers its own software that connects owners, builders and others involved in construction projects, will improve Oracle's current cloud computing solution for managing construction and engineering projects.
“Delivering projects on time and on budget are the highest strategic imperatives for any construction and engineering organization,” said Mike Sicilia, general manager of Oracle's construction and engineering global business unit, in a statement. “With the addition of Aconex, we significantly advance our vision of offering the most comprehensive cloud-based project management solution for this $14 trillion industry.”
The two companies "are a great, natural fit and highly complementary in terms of vision, product, people and geography,” said Aconex founder and CEO Leigh Jasper in a statement.
The companies expect the transaction, which is subject to Aconex shareholder approval, to close in the first half of 2018.
More: Oracle's Mark Hurd builds a cloud arsenal to take on Amazon
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